Trading in the shares of Weiye Holdings Ltd. will be suspended from the Hong Kong bourse Aug. 8, as less than 25% of its issued shares are publicly held.
Roughly 8.16% of Weiye Holdings' entire issued share capital is publicly held, which does not meet the listing rules of the Hong Kong bourse. The company said appropriate steps will be taken to ensure that a sufficient public float exists as soon as possible and that it will make further announcement regarding the public float as and when appropriate.
As such, Weiye suspended trading from the bourse Aug. 8.
The trading suspension in Hong Kong follows the Aug. 7 closing of Fine Skill Holdings Ltd.'s S$127.5 million proposal to delist Weiye Holdings from the Singapore bourse. At closing, 48,856,982 shares were tendered to accept the bid.
The China-focused developer intends to keep its listed status in Hong Kong, while its shares will be delisted in Singapore Aug. 21.
As of Aug. 7, US$1 was equivalent to S$1.36.